2024-11-04 21:42:06 :
Markets regulator Securities and Exchange Board of India (Sebi) on Monday directed Embassy Office Park to suspend its chief executive officer Aravind Maiya and appoint an interim chief executive with immediate effect.
Sebi’s directive follows an order from the National Financial Reporting Authority (NFRA) which barred Maiya from conducting any audit of the financial statements of any company or conducting internal audit of functions and activities for 10 years.
NFRA is right $The mother has 50 lakh rupees.
“The Notifier (Embassy Office Park) is directed to suspend Aravind Maiya as CEO and appoint an interim CEO with immediate effect and subject to applicable law including ‘fit and proper person’ criteria, until further instructions, or until NFRA 2024 Orders dated August 19 are on hold/on hold, whichever is earlier,” Sebi said in a statement.
The Sebi direction comes after it started examining whether Embassy Office Parks REIT and its manager Embassy Office Parks Management Services Private Limited (EOPMSPL) meet the ‘fit and proper’ criteria under the intermediaries regulations.
The NFRA order relates to lapses in the audit of Coffee Day Enterprises during the 2018-19 fiscal year.
EOPMSPL is the manager of Embassy Office Parks REIT, which is sponsored by Bengaluru-based real estate company Embassy Group and global investment firm Blackstone.
Sebi directed Embassy Office Park Services to ensure compliance with “fit and proper” standards and issued a show-cause notice to the company, seeking its reply as to why an investigation should not be initiated against it and no fine should be imposed on the company.
EOPMSPL has been given 21 days to file reply/objection.
“I note that the NFRA order dated August 19, 2024 came into effect 30 days after the order and as per the submissions made by the notifier (EOPMSPL), Aravind Maiya has filed an appeal against the NFRA order. However, it is also noteworthy that the appeal is pending It is under review and no stay has been granted yet,” said Ashwani Bhatia, whole-time member of Sebi.
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